Samsonite reportedly eyeing second listing, H1 financials bolstered by Asia recovery

Luggage specialist Samsonite found itself in a rumour spiral today, after reports circulated claiming it had been eyeing a second US listing.

The Hong Kong-traded company, which also owns Tumi, was believed to be considering such a step in order to help attract more investors in the US, while further providing a new avenue for fundraising, sources for Bloomberg stated.

Such a move was allegedly in the early stages, allowing the company to choose not to proceed if necessary.

However, Samsonite responded to the claims in a statement to the media outlet, where it expressed that it currently had no plans to pursue a secondary listing, yet it was regularly reviewing opportunities that would be beneficial to shareholders.

Bloomberg noted that shares of the firm rose around 18 percent this year, giving it a market value of 4.5 million dollars.

Simultaneous to the report, Samsonite also published its financial results for the six months ended June 30, 2023, during which time it saw its net sales up 39.8 percent, rising to 1,776.2 million dollars.

Its gross profit also rose, increasing 47.5 percent to 1,043.6 million dollars supported by a higher margin in Asia and its Tumi business.

Its adjusted EBITDA came in at 334.3 million dollars, up 70.9 percent, while its diluted earnings per share were reported to be 0.106 US dollars per share, up from 0.039 dollars in the year prior.

In a release, CEO Kyle Gendreau, said: "We are thrilled with Samsonite's performance in the first half of 2023, which reflects growing demand for our products driven by our increased marketing investment and continued travel recovery across all of our regions, particularly in Asia.

“Samsonite's net sales recovery noticeably accelerated during the first half of 2023, underscoring consumers' enduring enthusiasm for travel and the potential upside for the business as travel continues to grow in China."